One of the most recognizable and well-known figures in the cryptocurrency space has once again displayed a somewhat controversial approach to his Ethereum investments over the past few months.

The most recent data shared by Lookonchain doubled down on his sporadic approach, as the former BitMEX CEO had realized yet another loss on his position.

The analytics resource informed that Hayes deposited nearly 2,365 ETH into Cumberland and Galaxy Digital earlier today, and received 4.3 million USDC in return. According to the analysts, this meant that his selling price was at ,821 given the asset's retreat over the past few days from a multi-month peak of ,980.

Hayes secured a sizeable loss of 1,000 (or 5.3%) on this trade because he went on an accumulation spree during the aforementioned ascent from ETH. As previously reported, he bought 7,213 ETH for .87 million at an average price of ,923.

What's interesting here is that this is not the first time Hayes has lost on ETH by buying high only to sell low weeks later. His previous major ETH trade was several weeks ago, when he accumulated at prices well over ,900 again after the token jumped to ,950.

Once it started to nosedive, though, Hayes was quick to sell off his stash at an average price of under ,700. Thus, he incurred another major loss in just weeks, while ETH's price rebounded shortly after.

These episodes illustrate just how difficult market timing remains, even for the most experienced participants. Cumberland and Galaxy Digital are major over-the-counter (OTC) desks through which institutional players and whales route large trades, minimizing their impact on the exchange order book. That is precisely why sizeable transfers of this kind are typically read as a signal that a position is being closed out.

The transparency of the blockchain means that the moves of prominent investors like Hayes can be tracked in near real time. This creates a dynamic in which the market reacts to the activity of well-known wallets, while the traders themselves become objects of close scrutiny. For retail investors, stories like this serve as a reminder that a big name and deep experience do not guarantee profits, and that buying at the peak only to sell into a dip remains one of the most common mistakes in managing capital.

Source: CryptoPotato